PUG Stock Market Analysis, LLC | Technical Analysis Blog

PUG Stock Market Analysis is here to help with SP500, QQQ, IWM, Gold technical analysis, stock analysis and more.

Jan 21st, 2010: Place Your Bets

Posted by pugsma on January 21, 2010

12:30pm (CST):  I believe that (3) of A down maybe over at 1114.84   1114 is were the 50-day SMA currently resides. I’m targeting 1126 for the wave (4) fo A.  And I think (5) of A should finish between 1100 and 1110.

15-min Chart (12:30pm):

9:50am (CST):  Well Mr. Market chose the path of least resistance and dropped like a stone in water, beginning a (3) of A move lower.  Right now I think iii of (3) of A is nearly complete at 1123.  Wave iv of (3) of A could bounce to the 1128 to 1130 area to test the broken support.  And I would expect v of (3) of A to end some where near 1115 to 1120 later today or tomorrow.  The ultimate target for (5) of A may be to fill the gap near 1103.

5-min Chart (9:55am):

9:00am (CST):   Market is on a balance point this moring.  Either we get (3) of 5 of [5] up or (3) of A down.   Obviously the key levels to watch are 1150 to the upside and 1130 to the downside.  The 5-min chart below shows the situation the market is in this morning.

5-min Chart (9:00am):

Sorry, the comment form is closed at this time.

%d bloggers like this: